Tuesday, October 6, 2009

Market outlook for 06/10/09

Yesterday I had written that below 5078 level it will kiss 5044-5033. And 7DEMA was at 5013… there after will crash upto 4999-4988. (It made low of 4995) and closed at 5008.

Today, what to expect?
Just remember: 4988 is crucial support. Now if breaks this level with volumes then watch panic in market.
Today not breaking yesterday’s low of 4995 & trades above 5024 will take to 5041-5047 & there after expect rally upto 5064-5070.
Break below 4988; watch panic selling upto 4954-4943 in hours only.

General view:
There is a tug of war in the trading community. Do we sell off or do we continue to rally? Seems like no one is expecting a range bound market. We have a lot of price structure underneath to support us, but we have a lot of resistance to break through.
None of this really matters to intraday traders though, so keep safe and let’s make some money.

NIFTY Technicals
Current Spot: 5003.20
Pivot: 5015.30
3DEMA: 5032
7DEMA: 5014
Supports: 4980 - 4956
Resistance: 5039 - 5074

Target Nifty
Buy Nifty above 5030 - 5039 - 5055 - 5081 SL - 5015
Sell Nifty below 5008 - 4997 - 4980 - 4971 SL - 5023

Buy above 8680 - 8725 - 8756 - 8804 SL - 8662
Sell below 8646 - 8599 - 8568 - 8537 SL - 8669

Stock Ideas for the Day
Bharat Forge: Sell below 266 for targets of 260 and 251 sl of 270
Suzlon: Sell below 86 for targets of 84 and 82 sl of 88
Bharti Airtel: Sell below 397 for targets of 394 and 390 sl of 401
Rolta: Buy above 190 for targets of 196 and 201. sl of 189
Rel Infra: Buy above 1210 for targets of 1220 and 1228. sl of 1199

Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.

Thanks and Regards

S&P Wealth Creators

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The calls given here are My Personal views, Trading or investing in stocks is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. S&P Wealth Creators will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
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